Russia: Soybean oil exports may increase by 13%

The volume of soybean oil supplies abroad in the 2023/24 season may increase by 13%, however, the export of meal may decrease slightly due to the introduction of an exchange rate duty. The executive director of the Fat and Oil Union, Mikhail Maltsev, told pole.rf magazine about this. According to the Fat and Oil Union, soybean oil production in the 2022/23 season exceeded 1 million tons, exports increased by 18% and reached 662 thousand tons. A third of the supplies (216 thousand tons) were intended for Algeria, and India and China were also among the key importers. “We will continue to increase the export of soybean oil, and, according to our expectations, in the coming season it may increase by 13%,” Maltsev emphasized. As for soybean meal, its production volumes in the past season amounted to more than 4 million tons, 712 thousand tons (+8%) were exported. The top three countries that purchase Russian soybean meal are Turkey, Belarus and Germany. However, this season, according ...